Mubasher: Kuwait-based Warba Bank has obtained the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million under $2 billion sukuk programme.

The bank will obtain the CBK’s final approval after submitting prospectus with the new sukuk issuance, according to a bourse statement released on Wednesday.

The bank should also complete remaining requirements set by regulatory authorities, the statement added.

Warba Bank reported a 31% year-on-year profit rise in the first quarter of 2019, recording KWD 3.82 million ($12.59 million).